Course description

What is business strategy?

Every industry holds its unique challenges and chances for growth, and mastering business strategy allows companies to navigate these complexities. Acquiring expertise in business strategy through skillgrowup's online courses enables individuals to contribute to strategic planning, understand market dynamics, assess competition, and craft tailored strategies for their organization or industry. Dive into skillgrowup today to kickstart this journey.

There are only five business strategies: cost, quality, distribution, technology, and intellectual property (IP)

1. Cost Strategy: Achieving low prices is key here, often surpassing product superiority. While it's easy to maintain, it might lead to marketing neglect. Examples include Wal-Mart's initial use of technology to lower costs.

2. Quality Strategy: This requires impeccable product quality, often associated with countries like Japan and Germany. However, shifts in workforce values or management focus might affect quality.

3. Distribution Strategy: Building a robust distribution network is vital, but it's costly. Pharmaceutical companies excel here, facing complex selling processes.

4. Technology Strategy: Focusing on cutting-edge tech and manufacturing makes products unstoppable. Intel succeeded against low-cost competitors by emphasizing its integration capabilities.

5. Intellectual Property (IP) Strategy: This strategy involves licensing intellectual property and is favored by start-ups. It's inexpensive to enter markets but risky if innovation lapses.

Blending strategies is common for a competitive edge, like combining low cost with technology (value strategy) or distribution with technology (overlord strategy). However, shifting from one strategy to another can be challenging and requires clarity and discipline in execution.

What will i learn?